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While online sales "continued to develop well", it said bricks and mortar shops took a hit as more people opted to buy clothes and products online.

Shares in the group sank more than 12 per cent on the Stockholm Stock Exchange.

Chief executive Karl-Johan Persson said: "In order to respond even quicker to customers' fast-changing behaviour the company's ongoing transformation journey is being accelerated.

"Among other things, this includes continued integration of the physical and digital stores, and intensifying the optimisation of the H&M brand's store portfolio, leading to more store closures and fewer openings."